.
Qualcomm has
signed a nonbonding agreement with Asia Pacific Broadband
to use Qualcomm’s BREW billing, payment & application
distribution platform. The 2 companies will work on how to
integrate Qualcomm’s technology into Asia Pacific’s network.
.
Brazil,
India, China and 13 other countries called on WTO to force rich
countries to make big cuts on import duties and farm subsidies
while making much smaller demands on poorer countries.
.
A recent Asian Development Bank (ADB) study shows that Sri
Lanka, Bangladesh, India, Indonesia & RP were rated
worst in performance. Capital formation is among the lowest in
the region, affecting its economic growth and productivity. They
have the lowest GDP per capita growth resulting in the slowest
reduction rate.
. There
are clear signs of a global economic recovery, with encouraging
economic news from US & Japan. It augurs well for
Asia’s exports.
.
Six
months after taking the helm, China’s new leaders have
shown they’re different from their predecessors in style, if
not in substance.
.
Chinese
cell phone
manufacturers have grabbed almost half the domestic market.
That’s good news for overseas companies that supply most of
the parts.
.
The
Bush Administration is under mounting pressure from US factory
workers and members of Congress who want China & Japan
to stop manipulating their currencies to keep prices of their
exports low.
.
China
plans to raise the stake that foreigners were allowed to hold in
Chinese banks, from 15% to 25%, the Intl. Financial
News quoted the new banking regulator Liu Minkang as saying.
. Japan’s
economic growth
accelerated in Q2 as Sharp, Pentax and other exporters increase
spending on factories and other equipment to fill growing
overseas orders.
.
WTO said US acted legally when it left in place duties on
imports of Japanese steel products.
.
Carlyle
Group, a private equity firm based in Washington, has acquired
91% of Kito, a Japanese company that makes hoists
and cranes for construction work.
.
North
Korea denounced
Russian naval exercises that military analysts said will test
methods of handling war on the Korean Peninsula.
.
North
Korea will
not be allowed to use China as a back door to evade
international sanctions designed to prevent it from exporting
WMD, a Chinese official said.
.
North
Korea plans
to declare Gwangyang Port and its surrounding area as
“international free trade zone” before the end of the year
as part of its bid to turn the country into the business hub of
Northeast Asia.
.
North Korea’s economy is still in decline. Its
decrepit economy suffers from a lack of energy, transport
infrastructure and many basic foodstuff. About a third of its
people depend on outside food aid.
.
Thousands of
South Korean truckers returned to work last week, with an
export-crippling weeklong strike unraveling after the Govt.
threatened to withdraw tax breaks for drivers.
.
In a recent survey by Harold Media, 68.2% of those
surveyed (107 lawmakers, corporate executives & senior Govt.
officials on the administration’s job performance) said there
was a problem in Pres. Roh’s overall personnel management
& policy. A whopping 75% said the Pres. should immediately
replace some of his cabinet members.
.
The
Philippines has one of the worst investment climates in
East & Southeast Asia, according to a study conducted by the
Asian Development Bank. In terms of business costs of
corruption, it was ranked 65th out of 66 countries,
with Bangladesh taking the last place.
.
On a regional scale, RP was considered 2nd
worst in terms of tax collection, and the worst in terms of the
judiciary system.
.
RP is tagged as a “soft state” in that it has all the
pertinent laws but does not have the political will to enforce
it, especially in the case of tax evaders, corrupt government
officials or personnel, and mutineers.
.
The saving grace for RP is that it ranks high with China
and Thailand in terms of fixed communication lines and mobile
phones. It has 2.5 Internet hosts per 10k population versus
Malaysia’s 29.3 and Thailand’s 10.5.
.
3rd
time coup leader (2003) Sen. Gregorio Honasan has shrunk in
disgrace, labeled as the “toy soldier” who has perfected the
art of hiding. He was not even aware that most of the officers
and men who joined him in the coup attempts in 1986 and 1989
already deserted him.
.
American military officials explored the possibility of
re-establishing military bases in RP. They are gauging
Philippine attitudes and positions on defense & foreign
policy related issues since the previous American bases left in
1992 after the treaty was rejected in 1991.
.
The Philippine Chamber of Commerce and Industry (PCCI) is
moving towards the unification of all business chambers in the
country, including the elite Makati Business Club (MBC)
to show a solid business community.
.
Finance Secretary Jose Camacho said that recent mutiny and
political turmoil, that has preoccupied Filipinos, is pushing
down the value of the peso and dampening the economy.
.
The economy was able to sustain its growth momentum in Q2 of the
year, but the Dept. of Finance (DOF) said the rate would be
slower than the 4.5% recorded in Q1 of this year.
.
After
ridding squeaky-clean Singapore of its sticky chewing gum
problem, authorities are now cleaning up another--unauthorized
ads glued to lamp posts that the Govt. says cost 42k Singapore
dollars a month.
.
Singapore & Thailand pledged to step up efforts to
strengthen bilateral economic ties and boost Southeast Asia’s
attractiveness to foreign investors.
.
Insurance
companies have adopted a new method to determine liability in
traffic accidents and settle resulting damage claims quickly
.
SembCorp Marine is preparing to build a single, large
shipyard that will consolidate its aged Jerrong and Sembawang
facilities on the west coast.
.
Telekom
Malaysia Bhd,
which has been trying to grow its cellular business, sees
revenue composition eventually being equally divided between its
fixed lines and cellular/multimedia/data requirements.
.
China’s
long march into global markets is wearing down competition. But Malaysia’s
Pensonic Holdings is fighting back by targeting niche
markets and tapping the mainland itself by outsourcing products
there.
.
All divisions of the Kuala Lumpur Intl. Airport (KLIA)
could be ISO certified by 20005, according to Malaysia
Airports Holdings Bhd (MAHB).
.
The
arrest of Riduan Isamuddin in Thailand earlier last month
marked another crippling setback for alleged members of the al
Quaeda leadership.
.
Indonesia’s
burgeoning
cellular phone business will grow by a quarter in 2004 as the
country’s main operators battle for new subscribers, the National
Cellular Assn. said.
.
In
the aftermath of the Jakarta bombing and the arrest of
terrorist suspect Hambali, Thailand and Indonesia are
considering new measures to get tough on terrorism, without
upsetting delicate political and social balances at home.
.
Many Papuans
oppose the plan to declare 3 new provinces off Papua as
diving ploy by Jakarta that will undercut a push for more
autonomy, or even independence.
.
The purchase of 2 Russian-made Sukhoi jet fighters became
controversial when questions were raised about the transparency
of the deal, saying it had violated the current state budget
guidelines.
.
“The Bali & Marriott bombing incidents are definitely the
works of the CIA… and its allies in order to divide Islam.”
(Muslim cleric Abu Bakar Ba’asyir) How long are we going to
put up with these lying, treacherous and murdering Islamic
clerics who disgrace Islam?
.
India
will not agree to cut tariffs on imported agricultural products
as demanded by developed nations unless they agree to eliminate
farm subsidies, said India’s trade minister.
.
A
pair of car bombs hit Bombay, the unique Indian city
known for its style & industry. It is home to a rainbow of
immigrants from across the country. The bomb used was similar to
the type of explosives favored by Islamic guerrillas in Kashmir.
.
The World Bank has approved a loan of $181 million to partially
finance a water supply project in western India that will
help some 7 million people to get access to drinking water.
.
Pakistan
may sign an
MOU with Uzbekistan for the import of cotton under
state-to-state agreement.
.
The
Asian Development Bank (ADB) has said that fiscal deficits at 4%
of GDP is likely to be issued due to persistent higher losses of
public sector enterprises and resulting need for subsidies
during 2003-2004.
.
With the financial assistance of ADB, the Govt. is set to
establish a new Customs post at Ghulam Khan to facilitate
exports to Afghanistan.
.
Former
PM Benazir Bhutto has appealed a Swiss magistrate’s
decision sentencing her to a 6-month suspended prison term for
allegedly demanding $11 million through Swiss bank accounts.
